Professional services firm KPMG has formed an exclusive partnership with Matchi, a FinTech matchmaking platform that connects banks and insurance companies with financial services technology start-ups. The alliance allows the Big Four firm access to the innovations listed on the platform and use these for its financial services clients.
FinTech start-ups are changing the financial landscape in a rapid pace. Recent data from Accenture shows that worldwide investments in FinTech tripled from $4.05 billion level in 2013 to $12.2 billion in 2014. According to the consulting firm, this growth in FinTech investment can pose both threats and opportunities to banks and financial organisations. They should adapt quick and develop a business culture to avoid being left behind and lose out on customers.
Operators within the financial sector, for whom the impact of FinTech is enormous, are trying to tap into the market developments. They will opt for corporate venturing or decide to partner up with innovative start-ups. Following this growing trend, a group of entrepreneurs in 2013 launched matchmaking platform Matchi.
Matchi brings together banks and insurance companies with innovators and FinTech start-ups, with the aim of creating collaborative relationships and new business opportunities. Since its launch, the platform has been able to evaluate and bring innovations from hundreds of FinTech firms to its platform and support more than 50 financial institution members in finding FinTech solutions outside of their organisations.
KPMG recently announced an exclusive partnership with Matchi, which will allow its firms to use the Matchi platform to identify quality innovation opportunities for their clients and advise them on how to execute and deploy new solutions into the marketplace. “Our alliance with Matchi answers key questions for financial institutions of how they find the right FinTech, how they can better evaluate its quality, and how they engage with FinTech companies, many of which are small start-ups,” explains Ian Pollari, Global Co-lead of KPMG’s FinTech practice. “KPMG professionals will also be able to advise FinTech firms on how they can advance their businesses, whether it’s help with M&A or other ways to bring their innovations to market.”
Jeremy Anderson, Chairman of Global Financial Services, KPMG International, adds: “FinTech is revolutionising the financial services landscape and it has created a new marketplace for innovation. Matchi is at the forefront of identifying breakthrough FinTech ideas, and through our alliance, KPMG firms will now use the Matchi platform and Matchi’s wider, global FinTech communities in advising clients on the optimal innovations to help deliver on their strategic initiatives.”
The Big Four are investing heavily in FinTech. Earlier this week, Consultancy.uk unveiled that EY had signed as the first Big4 member of Innovate Finance. Other professional services firms are also devoting themselves to the FinTech start-ups, with Accenture launching its ‘Innovation Lab London’ earlier this year with the aim of nurturing FinTech start-ups.